Daily Pivots: (S1) 0.9203; (P) 0.9224; (R1) 0.9257; More…
USD/CHF’s rebound from 0.8998 is still in progress and intraday bias stays on the upside. Next target is 38.2% retracement of 0.9901 to 0.8998 at 0.9343. On the upside, break of 0.9171 minor support will turn intraday bias neutral first.
In the bigger picture, decline from 1.0237 is seen as the third leg of the pattern from 1.0342 (2016 low), which is still extending. Sustained trading below 100% projection of 1.0342 to 0.9186 from 1.0237 at 0.9081 will pave the way to 138.2% projection at 0.8639. On the upside, break of 0.9376 resistance is needed to be the first sign of medium term bottoming.
